Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

<ul><li>What you need to know: • Following two months of poor returns, the metals and mining market rose sharply in January as tariff uncertainties rose and the treasury yields decreased.</li><li>• In January, gold was up 6%, silver was up 7%, and copper was up 7%.</li><li>The equities exhibited leverage to the commodity price increases, with the GDX up 16%, GDXJ up 15%, and SILJ up 10%.</li></ul>

What you need to know: • Following two months of poor returns, the metals and mining market rose sharply in January as tariff uncertainties rose and the treasury yields decreased.• In January, gold was up 6%, silver was up 7%, and copper was up 7%.The equities exhibited leverage to the commodity price increases, with the GDX up 16%, GDXJ up 15%, and SILJ up 10%.

Allegiant Gold Ltd - Mining Monthly: January Edition

Santacruz Silver Mining / Equity Bottom-Up

<ul>
<li>Santacruz reported its Q4/24 production results, that beat our estimates and its Q3/24 results.</li>
<li>We expect continued optimization and improved efficiencies at its Bolivian assets in 2025.</li>
<li>We recently initiated coverage on SCZ, read the report here.</li>
</ul>


Santacruz reported its Q4/24 production results, that beat our estimates and its Q3/24 results.
We expect continued optimization and improved efficiencies at its Bolivian assets in 2025.
We recently initiated coverage on SCZ, read the report here.


SCZ: Strong Q4 Production Results; Big Year Ahead in 2025

<ul>
<li>Santacruz is a multi-asset Canadian mining company focused on silver with assets in Latin America.</li>
<li>In April, the Company refinanced its debt with Glencore, reducing net debt from $176M in Q4/23 to $46M in Q3/24.</li>
<li>SCZ is now printing cash, generating $30M in OCF in Q3 and is on pace to generate $79M in 2024E.</li>
</ul>


Santacruz is a multi-asset Canadian mining company focused on silver with assets in Latin America.
In April, the Company refinanced its debt with Glencore, reducing net debt from $176M in Q4/23 to $46M in Q3/24.
SCZ is now printing cash, generating $30M in OCF in Q3 and is on pace to generate $79M in 2024E.


Santacruz Silver: A Mispriced Multi-Asset Silver Producer

Canada

Santacruz Silver Mining Ltd. explores and mines for silver ores. The Company develops, operates and discovers silver mining assets throughout Mexico.

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Santacruz Silver Mining (SCZ CN)

Allegiant Gold Ltd - Mining Monthly: January Edition

What you need to know: • Following two months of poor returns, the metals and mining market rose sharply in January as tariff uncertainties rose...

Atrium Research

SCZ: Strong Q4 Production Results; Big Year Ahead in 2025

Santacruz reported its Q4/24 production results, that beat our estimates and its Q3/24 results. We expect continued optimization and improved...

Atrium Research

Santacruz Silver: A Mispriced Multi-Asset Silver Producer

Santacruz is a multi-asset Canadian mining company focused on silver with assets in Latin America. In April, the Company refinanced its debt with...

Atrium Research

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